Cryptocurrency companies must be licensed at the federal level, and not at the state level stated during the online conference Consensus: Distributed the Chief Operating Officer of the U.S. Office of the Comptroller of the Currency (OCC) Brian Brooks.
“Crypto is one of those areas where we have to ask ourselves, does it make more sense to think of crypto projects as local projects or global projects. If they’re global, then the rational for a single national license makes more sense,” he said. “Increasingly, it looks a lot like crypto is banking for the 21st century,” Brian added.
He noted that many cryptocurrency startups provide payment services, and therefore it can be classified in the same way as banks at the federal level.
Brooks also pointed out the problems of some cryptocurrency startups with banking services:
“As crypto matures, there are increasingly many companies that have perfectly robust risk management systems and do have an ability to comply with those laws, and they shouldn’t have trouble finding bank relationships,” he said. “Again, one of my messages in my new role is going to be to remind my colleagues at the OCC that banks not only have the ability, they have an obligation to serve all lawful businesses. They shouldn’t be discriminating because something’s a new technology.”
Recall that since 2019, the United States introduced 32 bills to regulate the crypto industry.